The Nigerian Senate has called on the Central Bank of Nigeria to extend the deadline for the implementation of the New Naira note Policy by six months.
The upper legislative Chamber’s stand on the matter is the resolution reached following a point of order moved by Kwara State lawmaker, Senator Sadiq Umar .
The Senate insists the Deadline for the implementation of the CBN Policy is too short and would only inflict untold hardship on Nigerians following the public outcry .
The Senate says it is still within its purview to ensure that the rights and interest of the people are protected at all cost, and it will stand against any decision that suppresses the voice of the people in a democracy.
The Senate has now directed the CBN to extend the deadline of its new Policy to the 31st of July 2023.
The Senate also urged Banks to permit unbanked Nigerians to exchange the Old Naira Notes for new ones.
However, the Central Bank governor, Godwin Emefiele says there is no need for an extension of the deadline for implementation of the redesigned naira notes policy because the money is already in the circulation.
The CBN governor who spoke on Tuesday in Abuja said those tweeting against the policy have ulterior motives.
He said the policy will go on as planned as the apex bank will continue to do what is expected of it to ensure seamless operations.
